Canada Needs a Financial Plan

According to a July 23 publication by the Fraser Institute, we are getting poorer here in Canada and the prospects for economic growth are looking grim.  This should be of concern to every Canadian concerned about their “real income” – that’s their purchasing power – and by extension - their ability to fund consumption now and for important family milestones in the future:  retirements, education and homeownership.  It’s grim, but there are practical suggestions for a turn around plan. Here’s a synopsis of the report.   

Reports from the recent 2018 Immigration Summit in Ottawa, show that immigration is going to be essential for the future of the Canadian economy. But, where are the career opportunities for newcomers to Canada, or those those returning back home?

Your passion statement is all about the “why?” When’s the last time you took the time to reconsider why you do what you do?  Whether you’re a proprietor or have leadership aspirations to grow your career, this is the driving force that is the basis of your business goals. Join Knowledge Bureau to recommit to your life’s work at November’s Business Builder Retreat.

Each year, 1 percent of the population passes away, generating tax consequences and other financial implications that impact remaining family members.Yet, often tax and financial advisors are hesitant to focus on tax-efficient estate planning, leaving it to attorneys instead. But you can add value as a more trusted advisor by offering a more holistic approach to a powerful financial moment by honing skills in discussing the tax consequences on death of a taxpayer.

Every year there is a milestone date when Canadians can shift their focus from paying taxes due to using their income to secure their financial future. Several countries track “Tax Freedom Day” annually, and Canada’s is coming up in June. It falls weeks behind other countries, which can have negative repercussions to wealth management and retirement planning.

The Canadian Longitudinal Study on Aging (CLSA) has just released its first report on a broad range of physical, mental and social aspects of aging in Canada. Why should tax and financial advisors care about these trends at this time? The key findings may surprise you, as the vast majority of seniors say they are managing very well.

Despite good trends in overall wealth accumulation in Canada, recent reports show that many Canadians struggle financially with increasing personal debt levels, and rising mortgage interest rates. The  2018 Budget also voiced concerns about income equality and diversity, but it’s clear education is a key part of the solution.